Lifetime mortgages

Is a way of unlocking tax-free cash from your home.

If you are looking for a way to add to your income in later life then a Lifetime Equity Release mortgage may be the right choice for you.

With a Lifetime Equity Release mortgage it allows you to access tax free funds from your home whilst you still retain full ownership. With Lifelink’s expert independent advice we are here to help you to see if a Lifetime Equity Release mortgage is the correct choice for you.

Why not find out more about a Lifetime Equity Release Mortgage by calling Lifelink on 01189 349800 for your free no obligation consultation with a Lifelink expert adviser.

Is a lifetime mortgage the same as equity release?

Not sure what a ‘lifetime mortgage’ actually means? Quite simply, it’s a type equity release mortgage. If you are a homeowner aged at 55 or over then you may be able to use this form of mortgage top up your finances in later life. The best part is that you can use the tax-free cash any way you like, take that once in a lifetime holiday, home improvements or even clearing existing debt. 

The funds you can access with a lifetime mortgage will be secured against your home. You don’t have to sell your home, you won’t have to move, and there’s no monthly payments – unless you choose this option. By speaking to one of Lifelink’s independent equity release advisers we can help you understand if equity release is the right option for you.  

How does a lifetime mortgage work?

With a lifetime mortgage, homeowners aged 55 and over can unlock cash against the equity in their home, which must be their main residence. In most circumstances there will be a choice of how you want your cash. Either by taking a single lump sum where interest is charged on the full amount from day one, or by a drawdown option, where you usually receive a smaller initial lump sum and then you are able to access further amounts as and when required from your drawdown facility.
If you do not require all your cash immediately then a draw down facility may be the best option for you, as interest is only charged on any amounts drawn down meaning interest added will potentially be lower.

Monthly interest payments on a lifetime mortgages

In most cases you will not be required to make any monthly payments on your lifetime mortgage, the amount owed will be added to the advance thereby increasing the amount you owe, any interest payments added will also be charged interest (this is known as compound interest) The amount you owe will increase over time and will be fully repaid when you or the last remaining borrower either passes away or permanently moves into long-term residential care. However, should you prefer to pay the monthly interest there is also a plan with that option.

Talking with one of our specialist equity release advisers will help you discover which option is the correct one for you, they will be able to advise which plan best suits your needs. Call Lifelink 01189 349800 for your free no obligation consultation and let our expert advisers help you get the most out of a Lifetime Mortgage.

Lifetime mortgage advice that’s right for you

Here at Lifelink we pride ourselves in providing you with independent comprehensive advice all based on you, your circumstances and what you want to achieve. Helping you release some of the funds in your home with a lifetime equity release mortgage. As Lifelink are directly authorised and regulated by the FCA (Financial Conduct Authority) we are truly independent and access all lenders enabling us to compare plans from across the whole equity release market, you can be sure any advice or recommendations we give are completely based on your needs and preferences.

For additional peace of mind Lifelink are also members of the Equity Release Council – the industry body for the UK equity release market. As a member, we adhere to their strict code of practice and the Statement of Principles that provides extra safeguards which help protect you and make equity release a safer option. 

To find out if a lifetime mortgage could work for you call Lifelink 01189 349800 for your free initial consultation.

Who is eligible for a lifetime mortgage?

You must be aged 55 or over and own the home you live in, with or without a mortgage. If this is you then you may qualify for an Equity Release Lifetime mortgage. This type of mortgage will not suit everyone and to fully qualify you must first seek advice from a qualified Equity Release adviser, that is a regulatory requirement.                                           

Call Lifelink on 01189 349800 for your free initial consultation to discuss your options and find out if Equity Release is the right option for you.

Important points to consider with a lifetime mortgage

It is important you carefully consider the following points before deciding if Equity Release is the correct choice for you.

Equity Release will reduce the value of your estate as any interest not paid monthly is added to the outstanding balance.
The added interest payments will also be charged interest this is known as compound interest and quickly increases the amount you owe.
By taking a equity Release mortgage it may effect your entitlement to means tested benefits.
Equity Release Lifetime mortgages are intended to last the rest of your life so if you decide to pay it off early then there may be early exit penalties to pay.
You should always think carefully before securing any loans against your home.

If you want to find out more about Equity Release Mortgages call Lifelink 01189 349800 for your free no obligation initial consultation and speak to our independent expert advisers.